The India truck market size reached US$ 20,042 Million in 2022. Trucks are large, heavy-road motor vehicles that transport cargo and carry specialized payloads, materials, or troops. They include rear axles, engines, suspension, roadwheels, electrical systems, brakes, axle ratios, and transmissions. They are widely used for carrying freight, hauling lumber, loading and unloading, towing, transporting, and delivering large amounts of goods. As compared to rail transport, trucks can reach rural and hilly regions while requiring lesser time to load and unload products. In addition, they exhibit strength, durability, corrosion, and temperature resistance.
As per the analysis by IMARC Group, the top companies in the India truck market are making extensive investments in collaborations, product innovations, and acquisitions to strengthen their hold in the market. The growing demand for autonomous operations, digitalization, and sustainability to improve fleet efficiency and performance is also favoring the market growth. Additionally, the introduction of heavy-duty trucks, owing to their high carrying capacity and robust suspension system useful in transportation activities, is positively influencing the market growth. Moreover, the widespread adoption of electronic stability control features to control braking and steering that is useful in reducing rollovers is impelling the market growth. In line with this, the development of collision mitigation technology that utilizes various systems, including radar, video, and sensors, to monitor and minimize risks on the road in real-time and alert drivers of potential hazards, further preventing accidents and other issues, is facilitating the market growth. Besides this, various technological innovations, such as the launch of dual-facing cameras, eyelid monitoring systems, forward collision avoidance, and continuous remote monitoring features, are providing an impetus to the market growth. These features incorporate more sensing technology to monitor crashes of various kinds and can take emergency action to avoid them and provide real-time traffic views while also observing truck driver behavior. Apart from this, the utilization of both geopolitical positioning systems (GPS) technology and onboard diagnostics (OBD), along with the introduction of telematic sensors that provide insight into live traffic data, route analytics, fuel consumption, and idling time while tracking a vehicle’s location in real-time, is propelling the market growth. Looking forward, IMARC Group expects the market to reach US$ 36,353 Million by 2028, exhibiting a growth rate (CAGR) of 9% during 2023-2028.
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Tata motors is a leading automobile manufacturing company that offers an extensive range of smart, integrated, and e-mobility solutions. It designs, manufactures, and sells heavy, medium, and small commercial vehicles, including trucks, tankers, vans, buses, ambulances, and minibuses. Tata motor is an incubating innovation center toward new technologies, business models, and partnerships to define future mobility solutions. It aims to transform the experience of interfacing and interacting with customers and the wider community.
Ashok Leyland is an automobile manufacturing company that organizes its business into two segments: commercial vehicles and financial services. It manufactures medium and heavy-duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The company also produces industrial and marine engines, ferrous castings, and spare parts for automobiles.
VE Commercial Vehicles Ltd. is a multi-brand, multi-division organization that mainly focuses on medium and light vehicle segments. It aims at table frugal engineering, considerable after-sales infrastructure, and cost-effective operations. Volvo Group and Eicher Motors have joined hands in the commercial vehicle business to introduce driving modernization in the commercial transport business in India. The company is known globally for its well-defined processes and leadership in product technology, which is respected all over the world.
Mahinda & Mahindra is an Indian multinational automotive manufacturing corporation that is one of the largest vehicle manufacturers by production in India. It includes various segments, such as automotive, financial services, hospitality, and others. The automotive segment includes light, medium, and heavy commercial vehicles, jeep-type vehicles, and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines (ICEs), industrial petrol engines, spare parts, and machine tools.
SML Isuzu Ltd. is a trusted and reliable commercial vehicle manufacturer that sells commercial vehicles and related parts primarily in India and internationally. It has gained experience in producing and supplying state-of-the-art fully built buses, ambulances, and customized vehicles. The company focuses on creating light and medium commercial vehicles in new design features and performances to meet evolving Indian customer needs.
Daimler India Commercial Vehicles (DICV) Private Limited is a wholly owned subsidiary of Daimler truck AG, Germany, that operates under the umbrella of Daimler trucks Asia. The Company offers products, such as cars, vans, SUVs, and buses, and renders financing, leasing, fleet management, insurance, and mobility services. It is a key player for commercial vehicles in India with a brand dedicated to its home market called Bharat Benz, which umbrellas numerous brands, including Mercedes-Benz. DICV is tailored to local customer requirements and delivers total-cost-of-ownership, safety, reliability, and comfort.
Asia Motor Works (AMW) Limited is a company engaged in offering tippers, trucks, and tractors and providing spare parts, accessories, and after-sales services. It is driven to deliver transport solutions for a new competitive age in India's fast-growing industrial sector. The trucks manufactured by them offer dependability, low cost of operation, unsurpassed handling, panoramic visibility, high driver comfort, and ease of maintenance.
Hino motors Sales India Private Limited is a non-government company that is a part of Hino Motors Ltd., owned by Hino group and a group company of Toyota Motor Corporation (TMC) in Japan. It is one of the largest commercial vehicle manufacturers that focuses on the procurement and export of auto components. It offers manufacturing and selling facilities for commercial vehicles, diesel engines, and automotive parts. The company has strategies to procure and export reliable, quality, and cost-competitive auto components, making them a key player in the automobile sector.
Headquarters: Bangalore, Karnataka
The company offers world-class products and services, catering to diverse transportation markets across the globe. It designs coaches as well as industrial and marine engines. Scania Commercial Vehicle India Pvt Ltd provides transport solutions for use in various applications, allowing operators to increase their performance and efficiency while reducing environmental impact.
About IMARC Group: IMARC Group: is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the Indian truck market, which has enabled clients to set up and expand their businesses successfully. Some of the company's offerings include:
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